5 Things I Wish I Knew Before Becoming A Realtor
By Joe Malley | Realtor
In 2017 after many years of contemplating a career in real estate, I finally took the plunge. The real estate industry is exciting, fast-paced, and honestly, the most fulfilling job I have ever had. I am often asked, "What does it take to get into real estate?" Here are 5 things you should consider doing before becoming a realtor.
1. Interview An Agent
Reach out to a local realtor to learn about what the day in the life of a real estate agent is really like. You may be surprised to discover that being a realtor is not as glamorous as it seems on television. Although being a realtor offers the opportunity for great financial and personal success, being a realtor also means showing up every day and being prepared to have difficult conversations, putting in long hours, and pushing yourself out of your comfort zone.
2. Find A Course
You may or may not know that there is a two-part exam you are required to pass before becoming a licensed realtor. The exam covers a wide range of topics, including but not limited to best practices, homeownership, ethics, and current and evolving real estate laws. To prepare, you're also required to take a pre-licensing course. There are many options available online and in person. Personally, I took the online pre-licensing course with Randy Mayhew.
3. Get Your Finances In Order
Getting your license does not mean you'll be selling your first home the following week. Getting your finances and personal life in order is just as important as passing the exam. Be prepared not to receive your first commission for 4-6 months after you start. For me, I juggled bartending at night and early mornings at the office for several months before being able to rely on my real estate income. I would recommend having 6 months' worth of living expenses set aside so that you can dedicate as much of yourself as possible to your new real estate career.
4. Determine Your Short & Long Term Goals
Just like anything else in life, don't enter into your real estate career blind. Figure out what you'd like to accomplish. Defining your short and long-term goals will help you stay motivated and track your progress along the way.
5. Read These 3 Books
You'll be reading a lot of contracts soon, but before you start doing that, I recommend these three books to get you inspired.
The One Thing By: Gary Keller and Jay Papasan
This book provides insights into time management and focusing on the most important task.
Failing Forward By: John C. Maxwell
This book introduces the idea that your failures may offer even more opportunities to learn and grow than your successes.
Rich Dad Poor Dad By: Robert T. Kiyosaki
This book teaches you about entrepreneurship, creating financial independence, and strategies to build wealth.
If you or someone you know is considering becoming a realtor, feel free to contact us for more information at careers@themalleygroup.com.